The Cetera-LPL Merry-Go-Round Continues

Two former LPLFinancial-affiliated advice practices have affiliated with its archrival Cetera Financial Group — and one of them is in fact coming back home.

The new recruits include Shanna Kehoe, senior wealth advisor and personal CFO with Diamond Wealth Management, which moved to First Allied, a Cetera Financial Group firm, and Joseph Polsinelli, a financial advisor now with Cetera Financial Specialists, according to a press release from Cetera.

Kehoe, who started her career in 2004, joined LPL in October 2014, according to her BrokerCheckprofile.

Her registration with LPL ended in June, according to BrokerCheck.

Polsinelli, who started his career in the industry in 1992, had joined Cetera in 2014 but left the firm this February for LPL, according to his BrokerCheck profile.

His registration with LPL, however, ended at the end of May, according to BrokerCheck.

"I left Cetera but once I moved, I realized that my experience was night and day compared to all that Cetera has to offer,” Polsinelli says in the press release. “At Cetera, the service I receive is very personalized and my relationship team provides me with exceptional hands-on consulting to support the growth of my business."

Cetera says that it’s brought on “a string of new affiliations” over the past few weeks who collectively manage $650 million, but doesn’t specify how much is overseen by Kehoe and Polsinelli.

Cetera may have scored these recruits, but LPL has been able to lure away several advice practices from Cetera in recent weeks. Last month, a $300 million advice and a $180 million practice affiliated with Cetera switched their affiliation to LPL.

Both firms are trying to step up their recruiting: Cetera unveiled an equity participation program for its advisors in August, while LPL recently told its recruiters to target advisors at private equity-owned firms, including Cetera.

LPL scored another recruiting victory this week: BMG Advisors has joined LPL’s broker-dealer and corporate RIA, according to a press release from LPL.

The 35-year-old wealth management practice formerly known as Buford-Malone Group includes Jennifer Malone, Andrew Rogers, Adam Hawley and Stephen Minshull, who according to LPL are all former college athletes. BMG oversaw around $220 million as of Aug. 21 and joins LPL from Waddell & Reed, according to the press release.

“We chose LPL because of the impressive technology and tools they offer that we believe can provide additional value to clients and help our business evolve,” Malone, a senior partner at BMG, says in the press release. “We also found LPL’s localized support system to be a huge asset. We are able to take advantage of LPL’s size, which includes having access to significant resources, without having to sacrifice personalized attention and support.”